en.Wedoany.com Reported - Dark Star Minerals Inc. has entered into an agreement to acquire up to a 100% interest in the Lamont Lake uranium project, located in northern Saskatchewan, Canada. The project is situated approximately 85 kilometers northwest of Uranium City, adjacent to the resource-rich northern Athabasca Basin, and covers five mineral claims spanning an area of about 22 square kilometers.
Historical drilling data indicates shallow uranium mineralization, occurring from near-surface to depths of approximately 57 meters, with grades ranging from 0.02% to 0.5% U3O8. The project includes 11 historical uranium occurrences, with promising historical assay and geological data. Preliminary analysis suggests that the geological characteristics of the area are similar to those of the Beaverlodge deposit, located approximately 90 kilometers to the southeast. During its production period, the Beaverlodge deposit had an average grade of 0.24% U3O8 and produced a total of approximately 56 million pounds of U3O8. The company cautions that mineralization at Beaverlodge is not necessarily indicative of potential mineralization in the project area.
Under the mineral claim purchase option agreement, Dark Star Minerals has obtained an exclusive option to acquire up to a 100% legal and beneficial interest in the claims described in the agreement from six independent selling counterparties. As consideration for the option, Dark Star will issue a total of 6,300,000 common shares, subject to a resale restriction of four months and one day from the date of issuance, with a deemed price of CAD 0.125. The consideration will be paid in three equal tranches of 2,100,000 shares each: upon execution of the agreement (subject to any necessary approvals); within 12 months from the effective date or upon submission of an NI 43-101 technical report for the project, whichever is earlier; and within 24 months from the effective date or execution date (unless modified in writing by the parties).
Marc Branson, CEO and Director of Dark Star, stated that the Lamont Lake project provides the company with promising claims in a mature uranium exploration jurisdiction in North America, containing multiple historical shallow uranium occurrences and meaningful historical data, with limited recent exploration work but encouraging historical results. The company's technical team is continuously reviewing historical data from Lamont Lake and expects to complete near-term exploration planning within the coming weeks.
The project area was previously part of Permit No. 4. An airborne radiometric survey was conducted over the area in 1967, totaling 1,615 line miles, using a helicopter-mounted Mount Sopris airborne scintillation detector with a 5-inch by 4-inch Harshaw sodium iodide scintillation crystal detector. In 1968, King Resources Company completed additional airborne radiometric surveys and ground exploration in the area. From 1977 to 1979, Marubeni Canada Ltd and PNC Exploration (Canada) Co Ltd conducted geological mapping, prospecting, radiometric surveys, and drilling programs in the area, completing a total of 13 drill holes with a combined depth of 807 meters. Related historical work can be traced to assessment files numbered 74N12-0006, 74N12-0007, 74N13-NW-0011, and 74N13-0013, among others.
Mineralization identified in historical work consists primarily of yellow uranium oxides, occurring along north-south trending shear zones in isoclinally folded pegmatitic feldspar gneiss, in concordant pegmatites, and as minor radioactivity associated with east-west trending fault systems. Mineralization is almost always associated with supergene or hydrothermal alteration, including propylitic and argillic alteration zones. In major anomalous areas such as the S3 anomaly, historical drill holes encountered pitchblende mineralization at a depth of 30.2 meters, with assays yielding 0.5 meters at a grade of 0.540% U3O8. The N-9 anomaly area recorded maximum radiometric values of 15,000 cps, with trench assays yielding up to 0.158% U3O8. In the BW 71-13 anomaly area, the highest assay results from historical exploration were 1 meter at 0.26% U3O8 in the western zone and 1 meter at 0.5% U3O8 in the eastern zone. The SBW 11-4 anomaly area yielded a maximum assay of 1 meter at 0.078% U3O8, with drill hole 13 returning an average assay of 2.5 meters at 0.070% U3O8 at a depth of 57.5 meters.
The geological characteristics of the project area are similar to those of the Beaverlodge deposit. The Beaverlodge deposit produced a total of 56 million pounds of U3O8 from 17 uranium deposits between 1953 and 1982, with an average grade of 0.24% U3O8 (based on a 2015 study by Dieng S., Kyser K., and Godin L.). The project area is located within the Churchill Province of the Canadian Shield, which has undergone at least two phases of deformation, including intense isoclinal folding and east-west trending faulting.
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